Gautam Adani Steps Down as Executive Chairman of Adani Ports; Political Ripples Emerge
Rahul Gandhi Reacts to Gautam Adani’s Exit from Adani Ports.
In a surprise corporate shakeup, Gautam Adani, the billionaire industrialist and founder of the Adani Group, has stepped down as Executive Chairman of Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest private port operator.
The decision, announced via an official stock exchange filing, is being seen as a strategic move amid ongoing regulatory scrutiny and calls for greater corporate governance.
The role of Executive Chairman will now be assumed by Karan Adani, Gautam Adani’s son and the current CEO of Adani Ports, signaling a generational leadership transition within the group.
Following the announcement, shares of Adani Ports saw mild volatility, closing 1.4% down on the BSE. Analysts suggest the move could help distance the founder from day-to-day operations, especially in light of recent controversies and legal probes into the conglomerate’s finances and alleged political connections.
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Gautam Adani’s resignation comes months after the group faced international criticism following the Hindenburg Research report in early 2023, which accused the Adani Group of stock manipulation and accounting irregularities — charges the group has repeatedly denied.
While the group has largely recovered financially, calls for transparency and tighter oversight have intensified. The Supreme Court had earlier directed SEBI to conduct detailed investigations into the group’s dealings, some of which are still ongoing.
Rahul Gandhi Reacts to Gautam Adani’s Exit from Adani Ports
Reacting to the sudden resignation of Gautam Adani from the post of Executive Chairman of Adani Ports, Congress leader Rahul Gandhi launched a scathing attack on the government, questioning the timing and intent behind the move.
In a statement shared on X (formerly Twitter), Rahul Gandhi wrote: “Gautam Adani stepping down is not a surprise — it’s a signal. When scrutiny increases, accountability is outsourced. But you can’t escape the truth by resigning. The real question is: What is being hidden, and who is being protected?”
Speaking to reporters outside Parliament, Gandhi further said, “This is not about one man stepping down. This is about a system where crony capitalism flourishes under political protection. The nexus between the Prime Minister and Mr. Adani has been exposed time and again. The resignation is just the beginning — the investigation must go to the top.”
He also reiterated the Congress party’s long-standing demand for a Joint Parliamentary Committee (JPC) probe into alleged financial irregularities and government favouritism towards the Adani Group.
TMC MP Mahua Moitra reacted sharply, stating, “You can step down from boards, but not from accountability. The Adani-Modi nexus must still face questions in Parliament.”
In response, BJP national spokesperson Shehzad Poonawalla defended the decision, calling it a “natural leadership transition.”
“The Adani Group is a private entity. Internal leadership changes are their prerogative. Opposition is trying to politicize a professional decision.”
Experts believe the move is part of a broader strategy to “de-centralize” power and project a professional and independent governance structure, especially in publicly traded entities. Karan Adani, who has been instrumental in expanding the group’s port portfolio internationally, is expected to steer the company toward greater global integration.
Corporate governance expert M.S. Raghavan told the media, “This step might help separate personal image risks from business fundamentals — something crucial for investor confidence.”
While the official statement describes Gautam Adani’s resignation as a “planned leadership transition,” political circles are abuzz with speculation. Whether this move helps the group strengthen its public image or triggers more questions remains to be seen — especially with Parliament in session and opposition leaders sharpening their focus on alleged corporate-political links.
